Canada Pension Plan Investment Board Invests $532.04 Million in Canadian Solar Inc. $CSIQ

Key Points

• Canada Pension Plan Investment Board acquired 4.46 million Canadian Solar shares worth approximately $532 million, representing about 6.57% of the company.
• Institutional investors own 52.36% of Canadian Solar, with several firms—including Goldman Sachs and Mirae Asset—also increasing their positions during the second quarter.
• Analyst sentiment remains cautious: the stock has an overall “Hold” rating, with a consensus price target of $19.36 compared with its recent opening price of $14.28.

Canada Pension Plan Investment Board bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 4,462,797 shares of the solar energy provider's stock, valued at approximately $532,044,000. Canada Pension Plan Investment Board owned approximately 6.57% of Canadian Solar as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Canadian Solar by 20.1% during the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after buying an additional 92,002 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Canadian Solar by 141.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock valued at $100,000 after acquiring an additional 5,338 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock valued at $9,539,000 after acquiring an additional 145,867 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar in the 2nd quarter worth approximately $33,000. Finally, Balyasny Asset Management L.P. bought a new stake in Canadian Solar during the 2nd quarter worth approximately $790,000. 52.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CSIQ shares. Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Canadian Solar from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Finally, Mizuho lifted their price target on Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $19.36.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $14.28 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The firm has a market cap of $969.61 million, a P/E ratio of -5.67 and a beta of 1.52. The firm has a 50 day simple moving average of $15.10 and a 200 day simple moving average of $16.18. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

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